The company's Argosy Casino in Sioux City, Iowa was forced to close in July 2014, and GLPI then sold the casino's real estate. GLPI also loaned $43 million to the casino. Louis, Illinois for $140 million, and leased them back to the casino's operating company for $14 million a year. In January 2014, the company acquired the real estate assets of the Casino Queen in East St. In November 2013, GLPI agreed to finance a proposed billion-dollar casino in Milford, Massachusetts, but the project was killed days later when town voters rejected the casino. The corporate breakup was designed to increase investor returns by taking advantage of the lack of federal income taxes on REITs. The company was created as a corporate spin-off from Penn National Gaming (now Penn Entertainment), effective November 1, 2013. The company owns 57 casino properties, all of which are leased to other companies. It was formed in November 2013 as a corporate spin-off from Penn National Gaming. is a real estate investment trust (REIT) specializing in casino properties, based in Wyomissing, Pennsylvania.
